Nov. 19, 2010 – A special advisory council has agreed to provide family members and survivors of fallen servicemembers and deceased veterans more options for how they receive life insurance compensation.
The agreement paved the way to end confusion for survivors and family members of fallen troops, John Gingrich, chief of staff for the Veterans Affairs Department, told reporters yesterday. Better communication of life insurance claims options and casualty assistance training also will result from the change, he added.
“The goal of these meetings is to make an outstanding program even better,” Gingrich said. “I believe the dialogue between the participants aided us in understanding their issues and concerns, and we received good insight.”
The VA currently uses claims forms with two payment options: one lump sum, or equal payments for 36 months. Choosing the lump sum or leaving the options unchecked on the form would automatically default the beneficiary’s benefits in an alliance account handled by Prudential Financial Inc. Prudential then sends the beneficiary a checkbook for an interest-bearing account held by the insurance company.
The Prudential account is not guaranteed by the Federal Deposit Insurance Corporation, according to VA, leaving some survivors and families of fallen servicemembers dissatisfied with the option. {read rest}
Saturday, November 20, 2010
DoD: Life Insurance Compensation Confusion
These types of corporate collusion's should have been looked into and corrected going into these wars of choice, but like everything related to the Military and Veterans they weren't given Congress scrutiny, investigations nor policy changes and over site in the republican controlled congress and executive branch, Just Wars of Choice and send others and let the private sector profit handsomely! There's No Excuse for what wasn't done up till 2007 by those Congresses and the American people!
Council Works to End Life Insurance Compensation Confusion
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